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| Exchange Disseminated Time | Maral Overseas Ltd has informed BSE that the members at the 17th Annual General Meeting (AGM) of the Company held on September 28, 2006, inter alia, have accorded to the following:
1. Adoption of the Profit & Loss Account for he period ended March 31, 2006 and the Balance Sheet as on that date of the Company and the report of the Directors and Auditors thereon.
2. Re-appointment of Mr. L N Jhunjhunwala & Mr. P S Dasgupta as Directors of the Company, liable to retire by rotation.
3. Re-appointment of M/s Doogar & Associates, Chartered Accountants, New Delhi & M/s Ashim & Associates, Chartered Accountants, New Delhi as Auditors of the Company on remuneration, terms and conditions.
4. Authority to the Board for creation of such mortgages and charges in addition to the existing mortgages, charges and hypothecations created by the Company as the Board may direct on the assets of the Company both present and future and the whole of the undertaking of the Company except Jammu Unit and / or conferring power to enter upon and take possession of the assets of the Company, except those of Jammu unit in certain events to or in favour of:
Central Bank of India in connection with Term Loan of Rs 47.33 crores
UTI Bank Ltd in connection with Term Loan of Rs 32 crore
Indusind Bank Ltd in connection with Term Loan of Rs 22 crore and Foreign Currency Loan of US$ 2.5 million
State Bank of India in connection with Corporate Loan of Rs 15 crore
(lenders) together with interest thereon at the respective agreed rates, compound interest, additional interest, liquidated damages, commitment charges, premia on pre-payment or on redemption costs, charges, expenses and other monies payable by the Company to the lenders under the Loan Agreements entered into by the Company in respect of the said borrowings, subject to necessary provisions & approvals.
5. Re-appointment of Mr. Shekhar Agarwal, as the Managing Director of the Company with effect from January 01, 2006, on the remuneration terms and conditions.
6. Authority to the Board to borrow from time to time sum or sums of money upto a limit not exceeding, in aggregate, Rupees Five Hundred Crore or its equivalent in any foreign currency on such security and on such terms and conditions as the Board may deem fit not withstanding that the money to be borrowed together with the money already borrowed by the Company (apart from the temporary loans obtained from the Company’s Bankers in the ordinary course of business) will exceed the aggregate for the time being of the paid-up capital the Company and its free reserves, this is to say, reserves not set apart for any specific purpose, subject to necessary provisions & approvals.
7. Authority to the Board to create a Second Charge subject to the First Charge of the Term Lenders on all the immovable and movable properties of the Sarovar unit of the Company, wheresoever situated, present and future, and the whole of the undertaking of the Company and/or conferring power to enter upon and take possession of the assets of the Company in certain events to or in favour of the Consortium Bank for granting to the Company Working Capital Facilities to the extent of Rs 131.50 crore or to any enhancements in the limits in future from time to time, subject to necessary provisions & approvals. |
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